Can Forex be a full time job?
YES! Forex can be a full-time job. However, before quitting your other job, you must first become a successful part-time trader. Once you have started seeing some consistency in your monthly profits, then you may think about making Forex your full-time job.
Statistically speaking, you will need to have about $30,000 - $35,000 in your trading account in other to consider yourself ready for full-time trading.
If you are still convinced that becoming a full-time trader is what you want, here are some steps to follow:
- Study everything you can about Forex online.
- Understand the meaning of candlestick patterns.
- Learn to use a moving average and other technical indicators.
- Execute your trades using price action strategy.
- Use stop-limit order, stop order, profit limit, and stop-loss to manage your risks.
- Stay up-to-date with Forex news, views, and analysis by experts.
- Follow the weekly economic calendar available online.
- Deposit real funds and start trading with real funds. Start small and grow your account with real funds; it is the only way to learn to trade Forex correctly. In the process, you have to learn to overcome your sentiments like greed, fear, and impatience.
- Finally, try to invest with a reputable Forex broker.